Translation of a dream come true to retirement challenges - especially women who often must overcome gender-specific - only hurdle to financial stability.
These challenges are lower than average income and child care support, elderly care and other life expectancies than men. This article series will consider these issues as gender, specifically to help women is good information about retirement and financial planning.
As more women enter the workforce and move their money to equality with men and women now have more opportunities to save and invest for retirement. Only increase the financial power of women will not need to make the quality of personal retirement plan participants more in retirement plans, a higher rate than savings or investment smarter.
Facts tell the story:.
• Women stay - women statistically outlive men by an average of approximately five years. This will introduce them to save more because they have years to fund retirement.
• Women save less than the rate of support for women's median is 6% compared with 8% for the nine men Transamerica Small Business Retirement Survey (September 2008), but the savings rates for men and women at least short of the minimum recommended 10. %. only 10% of women surveyed reported savings to the household and raising more than $ 100,000, compared with 29% of men.
• Start saving women after women postpone retirement savings later in life than men, are less than the accumulation of retirement nest eggs.
• Women have less to invest - generally women have less to invest due to the average they receive less than men.
Poverty rates for elderly women is 13% as all U.S. census Bureau in 2008. However, University of Michigan Retirement Research Center (May 2003) found that for widows, divorced and married women are not known, the rate jumps more than 18%. Too much reliance. Social Security is the only source of income.
Next you will learn more about the pay difference between men and women, one of the major financial challenges facing women in their plans for the future.
Women save less because they receive less.
Despite significant achievements in the work many women continue to disadvantage when it comes to earnings power. It measures not the income of women generally remain below have been men.
According to the U.S. census Bureau that the average income of male full-time workers $ 43,460 in 2007. By measuring the same average income for women is $ 33,437. But the gap between women and men slightly more closed. In 2007, female-to-male earnings ratio is. 0.78 higher than the previous all-time high of 0.76, first recorded in 2001.
Factors contributing to these different income:.
• Career women are frequently interrupted for the birth, care, child care or elderly parent.
• Women who are to be paid to the high demand of these time and attention.
• Small companies with small payrolls typically employ more women than men.
• Women more than men are union members.
• more women than men choose not to work outside the home.
These reasons can be very important for women to information about retirement and financial planning programs and to participate in employer-sponsored retirement plan.
We will continue to discuss the needs of many working women face competition, and often a single page: care, children and elderly parents.
Challenges of children and elderly care.
Women's roles as caregivers for a child and family, the elderly tend to set a special financial hardships and makes more difficult the money together for the future.
This especially for women, parents custodial, depending on the child support payments may or may not be forthcoming. The 2005 edition of Child Support Custodial mothers and fathers for the U.S. census Bureau report, approximately 13.6 million children under the care of parents is 21 years. And five of every six custodial parents are women.
Custodial parent more likely than fathers to work part time and need more support for children. Bureau of the census also showed that in more than 11 million only 2.9 million custodial mothers receive the full amount of their court ordered child support payments. Clear obligations. unsupplemented. Support of children and families often lower-income women, one fact can be destroyed in the retirement plan - trying to.
Elderly care.
Nearly one in four of the nation's households are involved in caregiving to family members or friends age 50 or older. And about 75% of caregivers are women. (Source: 101 Facts on the Status Workingwomen announced in 2005 by Business and Professional Women's Foundation). BPWF also reported that 27% of all caregivers are daughters of the care and female caregivers to take care of more than 50%. male caregivers.
More on BPWF, caregivers are likely to miss work or lose the opportunity of work experience or other negative economic effects.
Then a direct financial impact. Seniors on fixed income will have more problems paying utility bills, deductibles medical or nursing home fees cost medical home. When the elderly mother to work less short caregiver may not make enough. Again this can be reduced to save retirement.
What women can do to prepare for the future.
Financial planning begins with a study about major financial problems. Is not difficult because it may sound, just the time to read dozens of books on financial management and personal finance magazines in the market.
These publications describe the pros and cons of investing such funds, annuities variable certificate of deposit (CDs), money market funds and other investment programs such as savings plans and individual retirement account to run the party (IRAs) and concepts of management. risk to life and long-term care insurance.
Next was the understanding of cash management. About monitoring your scheduled check your monthly payments and find ways to reduce these outflows if they exceed your income. Most basic budget is the most effective way sort of Earnings and outgo, identify cost reduction and the need to frame for your financial management.
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